Post says Total SA pushes Suncor to move on Fort Hills

2013-06-11 08:56 ET - In the News

Also In the News (C-TCK) Teck Resources Ltd

The Financial Post reports in its Tuesday edition Total SA is pressing its partner Suncor Energy to take a final investment decision on the Fort Hills project before the end of the year, according to its chairman. The Post's Yadullah Hussain quotes Christophe de Margerie, chief executive officer of the French energy giant, as saying: "What is important is to start Fort Hills as quickly as possible. That is going to bring production and cash to the company. What we discussed with Suncor yesterday, we need to move quickly on Fort Hills and make it not only a project, but [in] production. It is time to take an FID [final investment decision] -- before the end of the year."
Total has a 39.2-per-cent stake in the development with Suncor owning 40.8 per cent. Teck Resources owns the rest.
The project has an estimated 3.4 billion barrels of bitumen reserves to be recovered. The first phase of 160,000 barrels per day has secured approvals.
"We need to stop delaying it," Mr. de Margerie told the Post.
In March, the French company took a decision with its partner Suncor to abandon the Voyageur upgrader project as Mr. de Margerie said it was no longer needed because of the glut of condensates from shale resources.